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The year is 2006. I go tottering into my job as an administrator at an IFA in heels I can’t walk in because I think they make me seem grown up and sophisticated.

I sit down at my desk, switch on my computer and start to get a handle on my day, which looks something like this:

• Log into the back office system, bring up the task list (including all the inevitable red overdue items), print it off because I’m still quite analogue and like drawing lines through things.
• Discover it’s my day on the rota to help with opening all the post. Head into the post room, full of the inevitability of discovering I still can’t work a letter opener and resigned to a minimum of three new paper cuts.
• Make a start on the task list. 30% of the tasks are chasing up providers who said they sent us info but either didn’t, or just sent us a bit of it, or sent us stuff that is very plainly wrong. Spend an ungodly number of hours on hold listening to the tinniest music to ever grace my ears.
• Try to fax some LOAs. A certain provider won’t accept it any other way (not even by post) and so spend a good 15 minutes slapping the fax machine into life.
• Another 30% is spent preparing annual reviews for clients. They want to see an update on their portfolios, even those that are on the snazzy new platform, Cofunds, and can technically see it themselves.
• One of them has an old Section 32; call to get the information on it but am told it is in their basement storage so it’ll be 73 days before I can get what’s needed. At least.
• Take a break from admin to go make cups of tea for all the (male) advisers.
• Offer to help out with the transcribing from client meetings, mostly because I just enjoy showing off that I can type 120 wpm.
• Quick lunch break. Pop to the bank to post my (literal) pay cheque in for the month.
• Spend the afternoon helping to prepare for a compliance audit. They’re coming in to look through our files and have told us which ones they want to review, so spend a bit of time going through the (physical) files to make sure all the documents are in and that the suitability reports cover all the relevant points.
• I really did get the short straw today as it’s also my turn on the rota to help with the mountain of filing, which means staying late to file those that we want to retain the physical copy of into the mammoth filing room and to scan in and shred those that we feel are okay to be electronic. We’re not yet fully trusting of the computers.

A couple of things here. Firstly, this was very, very literally a day in the life of when I was a young finance whippersnapper (side note: I realised recently I am scarily close to completing 20 years in finance – how the heck did that happen?!).

Secondly, we talk about change and innovation and finance progressing and evolving etc. etc. However, I would wager there is a large percentage of finance administrators who would fully recognise their own working day in the above. Perhaps they use e-fax rather than a physical fax machine. Hopefully, they are spending more time scanning than literally filing. And they’re probably of the generation who aren’t silly enough to think heels are anything other than torture instruments.

But everything else? Has it changed? Really? I very much doubt it. Maybe the platforms have snazzier bells and whistles. Maybe the clients are using an app to get a bit more info. But have we truly revolutionised (or even marginally evolved) the back office of an advice firm? I have been guilty of focusing so hard on the progress that we have made that I’ve mistakenly believed that it touches every part of our sector and, upon reflection, I’m really not sure it does. I’d love to know what other people are seeing? And also, rest assured, we’re working away on stuff here to help the progress that’s needed across all parts of the advice process. You wouldn’t expect anything else!

Anyway, moving on from my trip down memory lane, I’m going to use my links this week for our last 3 events of the calendar year – gulp. Literally, where has 2023 gone?!

I don’t allow Christmas to start in my home/head until December; I feel a full month dedicated to one day is more than sufficient. However, I’ve bent that rule a little bit this year and over-excitedly bought the Christmas wine already. Rather than a specific wine recommendation, I’m just going to let you know that if you fancy something a bit special for the big day, Berry Bros have 20% off a range of champagne.

Have a wonderful weekend all,

Talk: webinar chatting all things retirement income (welcome back annuities)

Build: 3.5 hours to get IDD CPD quota completed for the year

Master: half day interactive training workshop on formulating a full CRP and advising clients at retirement

Earlier this year we launched our brand-new business dashboard - Dextera™. It's already part of day-to-day life for over 300 financial advice firms, and you can try it for yourself here.